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Friday, May 24th, 2019 02:04:12 AM EST

Payment process in EGC

 

EverGreenCoin Forums Development Website Development Payment process in EGC

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This topic contains 5 replies, has 2 voices, and was last updated by  Steven Saxton 1 year, 9 months ago.

Viewing 5 posts - 1 through 5 (of 6 total)
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  • #1337

    egc4vape
    Participant

    1)Buyer selects item from market
    2)Buyer pays in ECG to seller ECG address (via “Website”)
    3)Seller is notified via mail regarding transaction TX item sold ect.(via “Website”)
    4)Seller ships item.

    why can that be done?
    No one likes the middleman
    What am i missing?

    #1339

    Steven Saxton
    Keymaster

    If you do not want the website involved in the transaction, advertise your item with one of your own EGC addresses and say you will accept direct purchases. Of course if you do that, the website can not notify you nor adjust your inventory. The website is not monitoring your’s (seller) nor the buyer’s wallet. The website can only monitor the invoices it generates and the payment address associated with it.

    Also, you as the seller would have no idea where the EGC you received came from and no idea where to ship what you just sold. So you would also have to advertise how the buyer would arrange getting that information to you.

    No one likes sending funds to a seller and never receiving anything. No ethical website likes to facilitate such scams. This way, the website can act as an escrow if need be.

    #1349

    egc4vape
    Participant

    Maybe I am not explaining the concept correctly or do not understand the existing payment process.

    lets set a senario…

    “B” is the buyer and “S” is the Seller/

    B has EGC and wants to buy a product/item.

    B goes to checkout and fills the Billing Details and any Additional Information.
    The selects cointopay and sends them the amount in EGC.

    How dose the seller get the amount in his wallet?

    As a seller i have to set a price in USD and cointopay can change it at any rate they please (just like paypal in fiat situation) which meses up the hole concept of cryptocurrency.

    at the moment https://evergreencoin.org has the price ratio at 0.00980281 while a certain alt market has it 0.06 and thats quite a spread!

    I would love to sell a item for 11 egc and get that amount.

    I believe that EGC have a future and thats why i am attempting to suggest a more transparent Payment process.

    BTW I want the webpage to “monitor” the transactions in the favor of transparency I never suggested under the counter payments.

    • This reply was modified 2 years, 2 months ago by  egc4vape.
    #1359

    Steven Saxton
    Keymaster

    The seller gets the EGC when I or another admin with sufficient access removes it from cointopay and sends it to them. This way we can be certain the marketplace is never used to scam someone and we can escrow transactions, if need be.

    This does nothing to mess up the concept of cryptocurrency at all. People have to sell items at a value. That value is either to cover costs, perceived value, or both. USD is a more consistent measure of value.

    Cointopay looks at what it could be converted to fiat at that time of sale with existing buy orders to cover that value level. Merchants can even have it converted to fiat at the time of sale so they are not exposed to any cryptocurrency market fluctuations.

    Again, this does nothing to the concept of cryptocurrency and only insures the seller can set and get a level of value consistently. EGC or any cryptocurrency are far to volatile to do this because it is not regulated or controlled by a central authority.

    The blockchain already makes all transactions transparent.

    #1360

    egc4vape
    Participant

    Steven thank you for the time and effort to respond to my question.
    Now I understand how the payment system works !

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